Emilia-Romagna output grows 1.0 percent in first half of 2026
Emilia-Romagna's economy expanded 1.0 percent year on year in the first half of 2026, according to the Bank of Italy. Employment and exports supported growth, while energy costs squeezed company margins and household purchasing power.
Recovery meets rising energy costs
The Bank of Italy estimates that regional output grew slightly faster than Italy's in the first half of 2026.
Industrial production increased 1.2 percent; nominal exports rose 3.0 percent, against 4.5 percent nationally, with gains confined to European Union markets.
Construction activity was stable despite public investment support.
Recovery plan payments reached €8.2 billion by June.
Employment rose 1.4 percent, versus 0.6 percent nationally, and unemployment fell to 3.8 percent.
Real household income increased 0.6 percent and consumption 1.3 percent in the first half.
Regional inflation reached 4.0 percent in September, driven largely by transport, housing and utility costs.
Two-thirds of surveyed firms reported energy costs reducing profit margins.
Credit returns unevenly across firms
Annual bank lending growth to the non-financial private sector accelerated to 2.9 percent in June 2026 from 1.5 percent in December 2025.
Business loans rose 2.3 percent, but small-firm lending fell 3.8 percent.
Household borrowing from banks and finance companies increased 4.1 percent.
In the second quarter, new mortgages cost 3.7 percent and consumer credit 8.7 percent.
The loan deterioration rate eased to 1.0 percent in June from 1.1 percent in December.
Deposits grew 1.5 percent and securities held in custody increased 12.6 percent year on year.
Expansion faces an energy test
The Bank of Italy identifies geopolitical tensions and energy costs as downside risks despite strong employment and corporate finances.
Firms nevertheless anticipate further sales and investment growth.
Construction companies foresee weaker public works activity in 2027 as recovery plan support concludes.